AssetCo plc Creditor Update

29/03/2011
 

AssetCo plc ("AssetCo" or "the Company")

Creditor Update

 

The Company announced on 3 March 2011 that a winding-up petition had been presented by a substantial creditor in relation to an outstanding payment obligation. Following completion of the placing of new shares in the Company, raising £16 million and announced on 22 March 2011, this substantial creditor has been fully paid and has withdrawn from the petition. At the same hearing, we are pleased to report that all the associated petitions against the operating subsidiaries have been dismissed and AssetCo are raising validation orders to pass the necessary cash into the operating businesses to enable them trade normally. However another creditor has been substituted at the recent hearing. The Board confirms that the Company is able and in a position to make this payment but the new management team are determined to ensure full process and investigation is made of any calls for payment, so the hearing has been adjourned for fuller determination.

 
 

Enquiries:

 

AssetCo plc                                                               +44 (0) 20 8515 3999

Tudor Davies

 

Arden Partners plc                                                    +44 (0) 20 7614 5917

Richard Day
Adrian Trimmings

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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